We report on two simultaneous XMM-Newton and INTEGRAL
observations of the microquasar GRO J1655-40during the 2005 outburst
when the source was in its high-soft state. The 0.3–200 keV
spectra are complex with an overall continuum which may be modeled
using an absorbed blackbody together with a weak, steep, power-law
component. In addition, there is evidence for the presence of both a relativistically broadened Fe K line and a highly
photo-ionized absorber. The photo-ionized absorber is responsible
for strong K absorption lines of and in the
EPIC pn spectra and blue-shifted (± 120 km s-1)
and features in the RGS spectra. The parameters of the
photo-ionized absorber were different during the two observations
with the ionization parameter, , decreasing from 3.60 ± 0.04 to 3.30 ± 0.04 erg cm s-1and the column density
decreasing from 1022 atom cm-2to 1022 atom cm-2
during the first and second observations as the 0.5–200 keV GRO J1655-40
luminosity decreased by around a half. At 90% confidence the
INTEGRAL data show no evidence of a break in the power-law
component up to energies of 380 keV and 90 keV for the first
and second observations, respectively.

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